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USDA-Do I Have a Chance?

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matt5566
Member

USDA-Do I Have a Chance?

I'm looking at buying my first home, and found one I really like. I'd like to get a USDA loan. My middle score is currently 642, and I have one paid medical collection from 2012. Unfortunately my average age of accounts went way down to 3 months after getting 2 credit cards. Is this going to make it a no-go for me? Thanks for any insight!
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matt5566
Member

Re: USDA-Do I Have a Chance?

I should also add that I've been at the same job with steadily increasing wages since july of 2005. I make around $38000. The only monthly payment I have is my truck loan for $285.
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ShanetheMortgageMan
Super Contributor

Re: USDA-Do I Have a Chance?

The AAoA isn't considered when underwriting, although a lot of brand new accounts can make an underwriter a little uneasy since there isn't a long track record of you being able to manage that much credit. 

 

If the paid medical collection from 2012 is your only negative & you have a 642 credit score then I don't see your credit having much of an issue qualifying for USDA.

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